Town hall today with Todd and Mike. Question from the audience about the severance package, and how there is no lump sum payment and how it disappears once the laid off employee gets a job. Todd and Mike dodged the question, saying they didn’t have details on the plan. Please! If they don’t, that’s inexcusable. They likely do, and aren’t owning it. Not good leadership.
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Why would you tell BNYM you got a new job and to cancel your SUB payments? You get the full lump sum by not telling on yourself. You really think this inept company is going to figure out when you started a new job unless you tell them? Lol!
I don't think 5sik nor 5jqr know what they're talking about. The standard 'SUB' plan, like it or not, is the policy of the company. I did try to fight it, engaged an attorney for, fortunately, a relatively small fee, but it was to no avail and ended up signing the standard release, unless I wanted to attempt a costly and questionable discrimination lawsuit.
People on this site would know the answer to his question but it was good to see how management handle it. Clearly after how the performance question was handled in the previous presentation tells, Todd avoided a providing a real response. Very disappointing but then it is consistent with the below expectation management at bk.
It could just be that is the very last thing on their mind......you know......because of their golden parachute?
The responses was not very assuring.
They should have just tossed the question to the head of HR who was sitting right there.
If you are let go ....fight the “unemployment benefits” package. You want the “supplemental package”. This allows you to work and still get paid by BNYM. They cannot defend that approach.....
Getting a Supplemental Unemployment Benefit instead of a severance means you are also able to get state unemployment benefits.
That's saying a lot given the history of politics in Chicago.
BNYM was too politically corrupt for him.
I had to chuckle about Bill Daley leaving after 5 months. Can't figure out why he was hired in the first place but I figure he knew very early on he had made a big mistake.
Activist board? Who??
Activist board will not make Gibbons CEO with 34 years @ BNY then BNYM. New CEO likely Wells Fargo Bank shortlist. Hope it is Cathy Bessant BofA's COO & a technology person or Marianne Lake JPM current CFO. Expect new CEO to immediately replace current CFO who is not a CPA or former CFO & was hired by Gibbons. Horrible answer on severance & SILENT on Vice Chairman Bill Daly departing. Worst company I have ever worked for, no transparency. Hope Todd enjoys his boondoggle travels.
It’s reasonable to ask a question that applies to all employees in this setting. The mysteries of forced rankings, dIsplacement processes, policies and packages are likely the biggest HR issue and cause of employee angst. Its had intense senior management focus for years to the point where it has been brought up and used by leaders in at least three Town Halls in fear instilling fashion.
All of the right people were there to answer it plainly and comprehensively. Leadership missed a golden opportunity to be open, exercise our shared values and begin the process of rebuilding trust.
Nobody asked about any more layoffs this year? There is no severance package. That is correct you don’t get lump sum payment. Maybe these people that ask questions like that should be let go.
I mean that is a pretty stupid question to ask during a town hall meeting
MySource. Type in “SUB Plan” or “Supplemental Unemployment Benefit Plan” on the search bar. Now how hard was that??
It was a GREAT question.... it sounds so easy.. 11GGDpfP-led, what is the “plan name” to “enter in the search bar” and what is the web site? I call you out on complete BS.
I have a doubt about question answer. Expect Bny revert soon with India answer.
You people are ridiculous. That was a stupid question and totally inappropriate for that venue. Look it up on my source instead of looking like a fool.
Did Todd pull off his mask to reveal it was still Charlie sitting there?
Not off to a good start. These guys are showing total Weakness right out of the gate. What a terrible company. I hope one of my leads hits soon so I can get away from this complete mess.
That was a great question. That’s what 98% of us care about. Our benefits. Our pay. Not all of this propaganda & positive spin on failing technology spends & excuses for lack of revenue. .
They looked so uncomfortable & was a pitiful response - let’s see if they “ get back to us” like they claimed.
of course they do...they own the financials that underpin the Supplemental Unemployment Benefit plan. All of the details of the plan are easily found in MySource by entering the plan name in the search bar.